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I'll raise my hand and say I have no clue what to do with my money. In the last 18 months the joint household income has more than doubled, and we are pacing to double again in the next 12.

As of right now we have a solid chunk in the bank (some say too much) that we don't know what to do with. Own both cars and the XX free and clear, put 30k down on the 50k motorhome that is now worth 60ish, and have a mortgage on the house.

Everyone says the smart move is to role that money we have into investments of some sorts. I don't doubt that's the smart thing to do, but those of us enamored by toys aren't always known for making the smart decisions.

In the near future I'd like to get a boat of my own (currently borrow my dad's or father in law's) and a lake house with a garage to store it. Also will need to get a new car for my wife soon as we are planning on starting a family in 2022.

I think @hallett21 and I are similar in age, and this is definitely not the shit they taught us in school.
Honestly Kevin, talk to several people here, get some opinions and strategies and do some homework. There is a lot to learn from people that will give you free advice that cost them tens to hundreds of thousands to learn over their lifetimes. Obviously take it with a grain of salt, add in your own life experience and from there do what sounds most attractive.
 

Sandlord

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I usually pay cash, my home and RV included.
But when they offer 0% or very low interest, I’ll take it.
 

2FORCEFULL

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Here’s my .02
I read through about 70-80% of the posts.

I make sure to pay myself first.
That is maxing out your 401k ($19.5/yr) and your IRA ($6/yr).
Next minimum 10-15% of your paycheck to your savings.
Introduce your expected monthly payments into your budget before buying—before buying my Daughters car I started making $500 car payment to myself. Car search was about 5-6 months so there was extra down payment and my budget was accustomed to the payment. Now I could buy car with cash but financed it with her on loan to help build credit. I do pay $1000-1500 a month and will have the 60mo loan paid in full in 16 months.

Next continue to make the payments once the debt is gone— wife’s Jag lease came due over a year ago. We did not need another car since I’m working from home so we went down to one car, but I kept making her cat payment but to myself. So that expense does not impact my budget when we do get another car and have extra down if I want.

Review your monthly expenses— Every 6ish months I look at my monthly costs like phone, cable, Internet etc and then I negotiate or eliminate those payments down. The money I save does not go back to me. I pay myself that money to.

I recommend a passive investment account such as Bettermint to hold the funds you pay yourself. It will allow you to set “goals” that will auto deduct a specific amount on the times you select (ie. once a week or once a month every other week,etc). You can select the risk assessment made each “goal” you set. I am seeing a 22% up to 41% rate of return on my “goals” for the past 12 months. And 17% to 41% rate of return over the past 5 years I’ve had this account.
LOL... it took you 6 mo. to find a car.... in 6 mo i wouldn't be able to remember what I was looking for or why I wanted it....
 

2FORCEFULL

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I usually pay cash, my home and RV included.
But when they offer 0% or very low interest, I’ll take it.
been there,... they were giving a 5k rebate at ram, but only if you financed through chrysler... and 0 if you didn't
 

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Damm there is a lot of pre 2008-9 going on in here.
2006 was 15 years ago. We are going to find all new ways to screw things up.

We are not going to have another sub prime mortgage meltdown.
 

hallett21

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2006 was 15 years ago. We are going to find all new ways to screw things up.

We are not going to have another sub prime mortgage meltdown.
Yes we are! History repeats itself exactly and if we play it exactly the same way as last time we’ll be ok


Insert humor here.

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LargeOrangeFont

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Yes we are! History repeats itself exactly and if we play it exactly the same way as last time we’ll be ok


Insert humor here.

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Revenue Dave’s Place circa 2015 -

“Financial Armageddon is coming in 18 months!! There is no way real estate prices can go much higher. I’m in all cash, living in a rented box truck waiting for the fall!”
 

hallett21

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Revenue Dave’s Place circa 2015 -

“Financial Armageddon is coming in 18 months!! There is no way real estate prices can go much higher. I’m in all cash, living in a rented box truck waiting for the fall!”
The next thread I wanted to start was those who exited ‘15 and forward. What’s the play, how do they feel now etc?

It might be a more encompassing thread. Those who are selling toys and homes vs those who are keeping them. And why.

Everyone’s an expert here and I’d love to hear why


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The next thread I wanted to start was those who exited ‘15 and forward. What’s the play, how do they feel now etc?

It might be a more encompassing thread. Those who are selling toys and homes vs those who are keeping them. And why.

Everyone’s an expert here and I’d love to hear why


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Im up on everything and selling nothing because it all costs too much to replace, and it is cheaper to keep everything as is with a low overhead and continue saving and investing the remainder.

I think I will have a different outlook in another 10 years once I have a better picture of what my retirement will look like and when. I’d like to be working for sport by early to mid 50s if possible.
 

Melloyellovector

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you do pools in havasu?
California customers like to meet in Havasu.
I will be building pool at my house out there soon. And have committed to at least 1 other pool same time. With a bunch of please please please do mine too. Up in the air. We will see.
 

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We have only had mortgage debt and car debt. The mortgage debt I was fine with, but I didn't like car debt. So back in 2001 I bought a new F150. Payment I think was 450. I paid that and then took another 450 a month and put it in saving. Next car and every care after has been in cash, except when we leased.

Those car deals with the 0% financing I have noticed you could get a rebate if you didn't take the 0%, so you would actually be paying interest in just a different form. I just plain hate debt.

Never ever touch equity in your primary home or retirement funds.

Back in my early 20's I got over my head in debt. Hated working OT just to survive, would rather work OT for fun stuff.
 
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2FORCEFULL

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We have only had mortgage debt and car debt. The mortgage debt I was fine with, but I didn't like car debt. So back in 2001 I bought a new F150. Payment I think was 450. I paid that and then took another 450 a month and put it in saving. Next car and every care after has been in cash, except when we leased.

Those car deals with the 0% financing I have noticed you could get a rebate if you didn't take the 0%, so you would actually be paying interest in just a different form. I just plain hate debt.

Never ever touch equity in your primary home or retirement funds.

Back in my early 20's I got over my head in debt. Hated working OT just to survive, would rather work OT for fun stuff.
never ever is not 100% trure,... years ago when I bought my automotive business,.. I was able to also buy the building... though I did't want to tap out working capital, I needed to take a comercial loan to buy the building.... loan was something like 12% and payment was high.... so what I did was took a loan out against our home@ 4.75% , did it on a 15 yr,... threw money at it and paid it off in 5.... huge savings and ended up with a 2 mil paid for comercial building.... so I would say this... If you have a solid plan,... and tap into home eguity is not always bad..... some times it's the best way to go....I see a lot of people doing this for pools and such.... you can swim in a pool, or sleep on top of your cash.... what ever works best...
 

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Watched a buddy just refinance his house in Carson. He took the money and bought a house for the family in riverside family room live and 3 rentals in havasu. He rents the Carson house as well. He will either be a hero or zero. Time will tell I guess
 

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This was his last buy. Painted it and poured concrete yesterday. Renters move in today. Or maybe yesterday I’ve been to busy to keep up with anyone.
7714DE8D-4FBC-4F48-B72B-2AEF1055B0EC.png
 

Raffit78

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Watched a buddy just refinance his house in Carson. He took the money and bought a house for the family in riverside family room live and 3 rentals in havasu. He rents the Carson house as well. He will either be a hero or zero. Time will tell I guess
I have seen a lot of this myself. Name your destination. Big bear, Lake Arrowhead as VRBO. I have seen people absolutely crushing it. I think there’s amped up demand for families to go to a destination since everything has been shut down. Will that demand continue? I don’t know.


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BHC Vic

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I have seen a lot of this myself. Name your destination. Big bear, Lake Arrowhead as VRBO. I have seen people absolutely crushing it. I think there’s amped up demand for families to go to a destination since everything has been shut down. Will that demand continue? I don’t know.


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I’m rooting for him. Personally I don’t have the balls to pull the equity out of my house. I’m actually trying to pay it off as soon as I can. 15 years or sooner. But if it all works out he will be a hero and that’s honestly what I want to see. I want to see all my people kill it.
 

badgas

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Honestly Kevin, talk to several people here, get some opinions and strategies and do some homework. There is a lot to learn from people that will give you free advice that cost them tens to hundreds of thousands to learn over their lifetimes. Obviously take it with a grain of salt, add in your own life experience and from there do what sounds most attractive.
That is great advice. I would add to it and say don't ever invest in any
I have seen a lot of this myself. Name your destination. Big bear, Lake Arrowhead as VRBO. I have seen people absolutely crushing it. I think there’s amped up demand for families to go to a destination since everything has been shut down. Will that demand continue? I don’t know.


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Yes the short term vacation rentals are killing it right now along wil RV rentals on Outdoorsy and RV share. A $95,000 camper van will have as high of a nightly rent as a $600,000 house in Havasu :oops:. It is nuts what poeple a getting to rent RV's right now.

We are buidling a pool at our Havasu house right now and it should be all ready to rent in July so I hope the demand continues.
 

boatnam2

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That is great advice. I would add to it and say don't ever invest in any


Yes the short term vacation rentals are killing it right now along wil RV rentals on Outdoorsy and RV share. A $95,000 camper van will have as high of a nightly rent as a $600,000 house in Havasu :oops:. It is nuts what poeple a getting to rent RV's right now.

We are buidling a pool at our Havasu house right now and it should be all ready to rent in July so I hope the demand continues.
I reserved a 5th wheel for memorial on outdoorsy a few months ago, ended up being close to a 1000 bucks for a weekend. I can honestly say it will be my first and last time doing it.
 
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badgas

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I reserved a 5th wheel for memorial on outdoorsy a few months ago, ended up being close to a 1000 bucks for a weekend. I can honestly say it will be my first and last time doing it.
yeah

I looked at renting a Class B for a 10 day trip to norcal and oregon in June and with miles its like $3,500-$4,000 and That is not going to happen.

I'm reaching out to people seeing if they want to swap days with their RV for my havasu house.
 
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2FORCEFULL

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This was his last buy. Painted it and poured concrete yesterday. Renters move in today. Or maybe yesterday I’ve been to busy to keep up with anyone. View attachment 998272
LOL... of Corse you know thats not to code..... and sure hope he did a pest control spray be fore he poured...if not the termites will eat that house alive... the only fix would be core drill the slab
 

2FORCEFULL

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yeah

I looked at renting a Class B for a 10 day trip to norcal and oregon in June and with miles its like $3,500-$4,000 and That is not going to happen.

I'm reaching out to people seeing if they want to swap days with their RV for my havasu house.
how many days would they get to stay to get to 4000
 

RiverDave

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Honestly Kevin, talk to several people here, get some opinions and strategies and do some homework. There is a lot to learn from people that will give you free advice that cost them tens to hundreds of thousands to learn over their lifetimes. Obviously take it with a grain of salt, add in your own life experience and from there do what sounds most attractive.
I have been wanting to do the same but not really sure I want to put all our financials out there for the world to see.. lol
 

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I have been wanting to do the same but not really sure I want to put all our financials out there for the world to see.. lol
Asking for advice on what to to with $50K is different than asking advice on what to do with $500K.

You just got done talking about how you can build an engine yourself for cheap, but things like engine building and RE should be left to the professionals because paying for professional services like a realtor is the way to go to get maximum value.

You should have some sort of professional financial planner, discuss strategies and projections with them first, then illicit 2nd opinions from people here. You have to keep in mind, they will want to manage all of your money if you let them, so finding one that is not bearish on things like diversification through real estate or other investments is key.
 
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RiverDave

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Asking for advice on what to to with $50K is different than asking advice on what to do with $500K.

You just got done talking about how you can build an engine yourself for cheap, but things like engine building and RE should be left to the professionals because paying for professional services like a realtor is the way to go to get maximum value.

You should have some sort of professional financial planner, discuss strategies and projections with them first, then illicit 2nd opinions from people here. You have to keep in mind, they will want to manage all of your money if you let them, so finding one that is not bearish on things like diversification through real estate or other investments is key.
who do ya talk to about that?

I want to talk to the guy that says Dave buy these rentals, put this in that account, buy these blue chips.. put this in reserve and your set.

most financial planners say “here’s your option on this investment.”
I have had brief conversations with wealthy people.. one suggested putting kids on payroll and doing this to do that.. setting up trusts and then pulling forgivable loans against it and all kinds of crazy shit..

I want that last guy but can’t seem to find him. When I hit the guys up about it later they say “find a guy.”
 

LargeOrangeFont

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who do ya talk to about that?

I want to talk to the guy that says Dave buy these rentals, put this in that account, buy these blue chips.. put this in reserve and your set.

most financial planners say “here’s your option on this investment.”
I have had brief conversations with wealthy people.. one suggested putting kids on payroll and doing this to do that.. setting up trusts and then pulling forgivable loans against it and all kinds of crazy shit..

I want that last guy but can’t seem to find him. When I hit the guys up about it later they say “find a guy.”
You need a financial planner and a good accountant.

Ask here who has a financial planner/accountant they recommend. My financial guy just handles specific investment and retirement accounts. I talk to him about my personal, private investments, and potential RE deals. He says yea that makes sense, or tells me where I might be exposed to risk. He has never given me a hard "No that's dumb." but I usually go into those talks with him with a plan that makes financial sense. He understands I'm not going to park all my money with him.

We go through the portfolio he controls yearly and he gives me a report based on a High, Low, and average probability on what my investments projected worth could be down the road, when I could potentially stop working, how much I can draw when I stop working, etc. This report does not take into account income from my rental business though.

We discuss risk appetite, future goals, and current and future expenses and build those into the above annual plan. It is a much higher level conversation than "Here is an investment opportunity."
 

RiverDave

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You need a financial planner and a good accountant.

Ask here who has a financial planner/accountant they recommend. My financial guy just handles specific investment and retirement accounts. I talk to him about my personal, private investments, and potential RE deals. He says yea that makes sense, or tells me where I might be exposed to risk. He has never given me a hard "No that's dumb." but I usually go into those talks with him with a plan that makes financial sense. He understands I'm not going to park all my money with him.

We go through the portfolio he controls yearly and he gives me a report based on a High, Low, and average probability on what my investments projected worth could be down the road, when I could potentially stop working, how much I can draw when I stop working, etc. This report does not take into account income from my rental business though.

We discuss risk appetite, future goals, and current and future expenses and build those into the above annual plan. It is a much higher level conversation than "Here is an investment opportunity."
I'm terrible with money.. always have been.

It's for good reason though.. I've never had a problem making money, because my old man gave me the tools to do so.. If I need more money I just go get more money via a new business, or capitalizing harder on the ones at my disposal..

I gotta be honest though, my savings are for shit.. My investments look like the rocky horror picture show. Over the years even in the down market I've always made crazy money on all my toys, because I never had to pay the whole pop to get them where they needed to be, or I traded out. That's all small money though.. Now that we have "some money" I'm absolutely terrified I'm going to make stupid mistakes and end up where I was in 2011 when I moved here.

RD
 

LargeOrangeFont

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I'm terrible with money.. always have been.

It's for good reason though.. I've never had a problem making money, because my old man gave me the tools to do so.. If I need more money I just go get more money via a new business, or capitalizing harder on the ones at my disposal..

I gotta be honest though, my savings are for shit.. My investments look like the rocky horror picture show. Over the years even in the down market I've always made crazy money on all my toys, because I never had to pay the whole pop to get them where they needed to be, or I traded out. That's all small money though.. Now that we have "some money" I'm absolutely terrified I'm going to make stupid mistakes and end up where I was in 2011 when I moved here.

RD
How long do you want to keep hustling to make money is the question. If the answer is until you die, then all is good.

Keep in mind, doing nothing is also a stupid mistake. A good financial guy is probably going to tell you a bunch of stuff you aren't going to want to hear. It is not berating you, but building wealth is a discipline... a daily, weekly, monthly, yearly discipline. It isn't fast cash like flipping a RZR and making 10K, It is making some sacrifices and squirreling away that 10K in investments that net you hundreds of thousands down the road. At our income level it isn't sexy, but it will probably pay off down the line.

I'm not an expert either, but that is why I have a professional help me.
 

RiverDave

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How long do you want to keep hustling to make money is the question. If the answer is until you die, then all is good.

Keep in mind, doing nothing is also a stupid mistake. A good financial guy is probably going to tell you a bunch of stuff you aren't going to want to hear. It is not berating you, but building wealth is a discipline... a daily, weekly, monthly, yearly discipline. It isn't fast cash like flipping a RZR and making 10K, It is making some sacrifices and squirreling away that 10K in investments that net you hundreds of thousands down the road. At our income level it isn't sexy, but it will probably pay off down the line.

I'm not an expert either, but that is why I have a professional help me.
You seem pretty savvy on the rental program.. I'd be interested in talking to you, as well as my buddy Don about his rentals in OH... I know nothing about investing.. I do know we have some IRA's, but we need to maximize that, and the kid program. Setting them up, getting them on salary, etc.. There's some huge upsides there somehow if you know how to do it.

RD
 

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You seem pretty savvy on the rental program.. I'd be interested in talking to you, as well as my buddy Don about his rentals in OH... I know nothing about investing.. I do know we have some IRA's, but we need to maximize that, and the kid program. Setting them up, getting them on salary, etc.. There's some huge upsides there somehow if you know how to do it.

RD
I'm OK at it, there are plenty on here better than me, but the bottom line is that it is simply a formula - What are your entry costs, what are the recurring costs, what is the income, what is the risk.

For me personally, If the profits have an 8 year or less payback on my original investment, it is worth looking at and assessing the risk. if it checks the box, you go. If I can throw down ~$40k and get a $400-$500 monthly return and have someone manage it for me, I'm in. Some people also like the rent = 1% home value per month, which is a good indicator of a rental market with opportunity. That condition does not exist around here right now. OH looks to be a market where that looks like it works right now.

I was planning on buying 3-4 Midwest properties like that last year, but put it on hold due to uncertainty and a job change. I'm just now looking into it seriously again.
 

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who do ya talk to about that?

I want to talk to the guy that says Dave buy these rentals, put this in that account, buy these blue chips.. put this in reserve and your set.

most financial planners say “here’s your option on this investment.”
I have had brief conversations with wealthy people.. one suggested putting kids on payroll and doing this to do that.. setting up trusts and then pulling forgivable loans against it and all kinds of crazy shit..

I want that last guy but can’t seem to find him. When I hit the guys up about it later they say “find a guy.”
 

btaco35

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There is some decent information in his books and Tom Wheelwright’s Tax Free Wealth book for the novice investor/RE investor. Albeit, most of the information is very broad. As others have mentioned a qualified advisor/planner in conjunction with an CPA usually pays for itself fairly quickly, more importantly the potential impact to your long term wealth building plan. When interviewing folks, educate yourself on types of advisors: fee based, fee only, commission based, etc. and select based on your preference and needs.
 

pronstar

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Here’s a really good Real Estate Guys podcast on how to use debt. Paying cash and having equity may or may not be a smart play, depending on many factors.



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85RiverRAT

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Revenue Dave’s Place. It is a towing and Financial planning forum after all.
This made me laugh. Spent all day reading these posts.

Revenue Dave's Place. Use a Half-Ton for all your towing needs, pay cash like a baller, and your bote trailer must have three axles.

Serious though, love the perspectives and advice on this thread, similar to one that popped up a few months ago. How is everyone paying for full-size 1-ton trucks, and .5mil boats, toy hauler and sand cars all simultaneously.

I am in the same boat, 35, and scratchin' my head all day on how to leverage finances, getting the most bang for my buck possible. Spending my lunch breaks reading Crypto Currency 101 blogs, and how to run my IRA accounts. All the while, wanting to buy a new Burb', and boat, but not able to do so, because of other goals, a single Family home, in Commie-fornia, will cost m3 1.1mil in Orange County. Going Gray already.....:p
 

YeahYeah01

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This made me laugh. Spent all day reading these posts.

Revenue Dave's Place. Use a Half-Ton for all your towing needs, pay cash like a baller, and your bote trailer must have three axles.

Serious though, love the perspectives and advice on this thread, similar to one that popped up a few months ago. How is everyone paying for full-size 1-ton trucks, and .5mil boats, toy hauler and sand cars all simultaneously.

I am in the same boat, 35, and scratchin' my head all day on how to leverage finances, getting the most bang for my buck possible. Spending my lunch breaks reading Crypto Currency 101 blogs, and how to run my IRA accounts. All the while, wanting to buy a new Burb', and boat, but not able to do so, because of other goals, a single Family home, in Commie-fornia, will cost m3 1.1mil in Orange County. Going Gray already.....:p
Same boat to man, almost 34. A lot of my family and friends are in a similar income area as us, were all pretty open about pay, hell I got several of them started in there careers and they are killing it now. Some of them live super modest and some seem to be buying shit left and right, with the attitude of "if I can fiance it I can afford it".

I've really started to pay attention to our money, I've always been decent with it but now I am trying to put it to work for me. Still siting on cash since we were planning on a river house soon but with the market going crazy and another kid due in July just think I'll wait a bit.
 

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All I can add is that my friends that are truly self made WEALTHY, that can retire early, do not participate in ANY of the motorsport hobbies that I am involved in. NOTHING. No hobbies, just work and retirement planning. These are guys that we grew up boating on Lake Mead together as kids. I cant even convince them to meet up for a drink now.

Those same guys also complain that their wives havent laid them in 8 years, since the last time they had their youngest child . I am Not making this up, two of them to be exact. That in itself is sad.

I don't know the answer, but I do know that I am living to have fun and no regrets to the best I can.
 

rivermobster

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You need a financial planner and a good accountant.

Ask here who has a financial planner/accountant they recommend. My financial guy just handles specific investment and retirement accounts. I talk to him about my personal, private investments, and potential RE deals. He says yea that makes sense, or tells me where I might be exposed to risk. He has never given me a hard "No that's dumb." but I usually go into those talks with him with a plan that makes financial sense. He understands I'm not going to park all my money with him.

We go through the portfolio he controls yearly and he gives me a report based on a High, Low, and average probability on what my investments projected worth could be down the road, when I could potentially stop working, how much I can draw when I stop working, etc. This report does not take into account income from my rental business though.

We discuss risk appetite, future goals, and current and future expenses and build those into the above annual plan. It is a much higher level conversation than "Here is an investment opportunity."
@RiverDave

This is the correct answer Dave. ^^^

I have a client that is a retired investment banker. OWNS a few properties, has a bunch of nice cars I took care of for him, he retired before 50 and is just enjoying life now. What he told me is...

ALL investment guys have the exact same set of tools. (Same as a mechanic, or machinist does). The question to ask is, does he know how to use them, do you feel comfortable around him, and does he have a portfolio to prove he can do well with your money?

I ended up talking to, and using the guy at Wells Fargo. He's an off road guy, we spend half our time talking about dirt bikes and shit! He compared his investment portfolio, to the one I had from Sonic Automotive. Out of all the 401k's I had, from working at all kinna different dealerships, Sonics was doing the best. His portfolio beat Sonics, but not by a whole lot, even he was surprised at that! My Penske 401k was doing the worst, I was seriously surprised at that.

So WTF is my point? As Ash said, find a professional in the investment field. Find a guy that can PROVE what he can do. And find a guy you are comfortable with.

You don't ask a mechanic how do do heart surgery...

;)
 
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EmpirE231

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One thing for certain.... everyone seems flush with cash these days, and things are rocking and rolling. Reminds me of a certain time right before the music stopped.

I'd say paying cash is a good strategy. But some debt is so cheap it's worth it.... new car loans are stupid cheap. I prob still wouldn't want to finance an RV or boat... rates are not AS attractive.... also, not really something you NEED. If times are rough... you still definitely need a house and a car... and can justify doing whatever it takes to make payments on those things.

The problem with people who have the "cash" to pay for it, but choose to finance.... is discipline. While times are good, they choose to finance the Harley, the boat, the SxS, the ecoboost f150 to tow the financed 45' 5th wheel.... all because they had the "cash", but then hard times hit, cash is nowhere to be seen and they have list of payments to make.
 

LargeOrangeFont

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One thing for certain.... everyone seems flush with cash these days, and things are rocking and rolling. Reminds me of a certain time right before the music stopped.

I'd say paying cash is a good strategy. But some debt is so cheap it's worth it.... new car loans are stupid cheap. I prob still wouldn't want to finance an RV or boat... rates are not AS attractive.... also, not really something you NEED. If times are rough... you still definitely need a house and a car... and can justify doing whatever it takes to make payments on those things.

The problem with people who have the "cash" to pay for it, but choose to finance.... is discipline. While times are good, they choose to finance the Harley, the boat, the SxS, the ecoboost f150 to tow the financed 45' 5th wheel.... all because they had the "cash", but then hard times hit, cash is nowhere to be seen and they have list of payments to make.
And keep in mind they still have the "cash" the bank just comes and grabs their stuff. There really is nearly 0 consequence for that, which is why people do it, Vs paying off an asset that depreciates like a lead balloon.

My response to that is just buy used shit that has already taken the depreciation hit so you can unload it and come out ahead if times get lean. If I'm going to pay cash for an asset I want to to hold value (as I use it) or go up,

If I'm going to pay cash for an asset I want to to hold value (as I use it) or go up,
 

EmpirE231

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And keep in mind they still have the "cash" the bank just comes and grabs their stuff. There really is nearly 0 consequence for that, which is why people do it, Vs paying off an asset that depreciates like a lead balloon.

My response to that is just buy used shit that has already taken the depreciation hit so you can unload it and come out ahead if times get lean. If I'm going to pay cash for an asset I want to to hold value (as I use it) or go up,

If I'm going to pay cash for an asset I want to to hold value (as I use it) or go up,
I think the "cash" ends up not being there most of the time because they are writing $4,576 per month in min payment checks and the "cash" dwindles over time.... or say it's all there, but you have 3 months of rough times, but have a gnarly overhead... it's now all gone.... at the end of the day, it's discipline... and most don't have it.
 

LargeOrangeFont

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I think the "cash" ends up not being there most of the time because they are writing $4,576 per month in min payment checks and the "cash" dwindles over time.... or say it's all there, but you have 3 months of rough times, but have a gnarly overhead... it's now all gone.... at the end of the day, it's discipline... and most don't have it.
That is a different conversation, but you are right, completely a discipline.
 

BHC Vic

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I think the "cash" ends up not being there most of the time because they are writing $4,576 per month in min payment checks and the "cash" dwindles over time.... or say it's all there, but you have 3 months of rough times, but have a gnarly overhead... it's now all gone.... at the end of the day, it's discipline... and most don't have it.
That’s why I went w the 20 year mortgage. I don’t have the discipline to send the extra money every month on a 30yr. Now I have no choice.
 

badgas

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All I can add is that my friends that are truly self made WEALTHY, that can retire early, do not participate in ANY of the motorsport hobbies that I am involved in. NOTHING. No hobbies, just work and retirement planning. These are guys that we grew up boating on Lake Mead together as kids. I cant even convince them to meet up for a drink now.

Those same guys also complain that their wives havent laid them in 8 years, since the last time they had their youngest child . I am Not making this up, two of them to be exact. That in itself is sad.

I don't know the answer, but I do know that I am living to have fun and no regrets to the best I can.
Ouch

They need someone to council them on having a balanced life.

Money ! Always give some, save some and spend some. If they never "spend some" that could explain the 8 years in dry dock.
 
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